U.S. stocks fell across the board Wednesday, marking the fourth straight day of declines driven by an expectation of tighter Federal Reserve policy. Major indexes slid between 4% and 5% in August, their worst monthly performances since June.

MACRO

US Markets wrapped up August on a soft note, with all three major benchmarks concluding the month 4% lower.

US Two-Year Treasury Yields hit a 15-year high of 3.5%, on increased expectations that central banks will continue hiking rates

EU Markets wrapped up lower, while Euro zone inflation touched 9.1% in August on rising food and energy prices

Asia Markets were lower Wednesday with Shenzhen Composite underperforming as China’s official PMI came in at 49.4

COMPANIES

CrowdStrike tumbled 5.5% despite surpassing profit and revenue expectations alongside an optimistic outlook

Chewy retreated 8.2% as revenue came in below expectations while issuing an underwhelming revenue guidance

Nvidia slid 6% in after-hours trading after the US government ordered the company to cease the sale of chips in China and Russia

SECTORS

Gold recorded its longest losing streak since 2018, trading just above $1,700/oz at time of writing  

WTI Crude Oil fell, trading below $90/barrel on prospects of rising interest rates and increased COVID-19 restrictions in China

Today’s Earnings

• $Lululemon Athletica (LULU.US)$
• $Broadcom (AVGO.US)$
• $Campbell Soup ( CPB.US)$
• Toro

Economic Calendar (02 September 2022)

• US Nonfarm Payrolls (August)

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